Billy Joel and His Wife Split

Billy Joel and his wife, Katie Lee, are calling it quits, PEOPLE confirms.

"After nearly five years of marriage Billy Joel & Katie Lee Joel have decided to separate. This decision is a result of much thoughtful consideration. Billy & Katie remain caring friends with admiration and respect for each other," says a statement issued by both of their reps.

For months, the couple has dodged reports of trouble in the marriage. Joel, 60, married Katie, 27, in a sunset wedding on September 2004 at his 15-acre waterfront Center Island estate in Long Island. Katie is a chef and former host of Bravo's Top Chef.